- Cromwell European REIT (SGX:CWBU)'s 1H24 DPU of 7.050 € cents was within expectations at 51% of our FY24e forecast. It was 9.5% lower y-o-y, due to asset sales and higher finance costs. NPI fell 2.7% y-o-y mainly due to the divestments of Bari Europa, Bari Trieste and Piazza Affari, which were crucial at keeping net gearing below 40%. Excluding these, NPI was 2.3% higher y-o-y on a like-for-like basis.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
- The current Cromwell REIT share price implies an FY24e/25e DPU yield of 10.2%/9.7%, and a P/NAV of 0.65x.
The Positives
Portfolio occupancy improved 20bps q-o-q to 93.6% with a healthy portfolio rental reversion of +5.2%.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2024-08-12
Read also Phillip's most recent report:
2024-11-06 Cromwell European REIT - Secured Debt Facilities To Refinance Bond.
Price targets by other brokers at Cromwell REIT Target Prices.
Listing of research reports at Cromwell REIT Analyst Reports.
Relevant links:
Cromwell REIT Share Price History,
Cromwell REIT Announcements,
Cromwell REIT Dividend Payout Dates & Corporate Actions,
Cromwell REIT News
